Nicolas Bouzou est économiste. Il est directeur-fondateur d'Asterès, une société d'analyse économique et financière et l'auteur de plusieurs notes pour la Fondation pour l'innovation politique. Il nous explique que le problème de la santé va devenir de moins en moins un problème technique et médical et de plus en plus un problème économique. Techniquement, nous savons soigner de mieux en mieux, économiquement ces soins sont de plus en plus coûteux. Il souligne que nous n'avons pas suffisamment réfléchi à la manière de prendre en charge le coût de la santé.
Retrouvez les notes de Nicolas Bouzou pour la Fondation pour l'innovation politique : Réformer la santé - trois propositions ; Stratégie pour une réduction de la dette publique française ; Renforcer le rôle économique des régions ; Europe : quatre propositions contre le protectionnisme et L'économie allemande à la veille des élections législatives.
WikiStage ESCP Europe -Berlin Campus
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Victoria Collins explains how each and everyone of us can use economic policy, directly or indirectly, to change our future.
Economic policy is very powerful and it’s all around us. It touches everything. The economic actions and decisions of governments, change our education, our welfare, our health and even our happiness. Victoria Collins believes that this economic policy may be a powerful tool in the hands of young people to shape a better future.Unfortunately, the term has recently been associated with a negative image given the economic breakdown that has touched everyone of us. This crisis, however, should be seen not only as a failure but also as an opportunity that has pushed economists and decision makers to come with different solutions that improve the economy as a whole. With that in mind, the role of young people in this change is essential. Involve yourself in debates, get your own viewpoint and cast your vote to support the policy you believe in, participate in your local politics - those are the first steps which could bring us closer to changes.
“You get a young person involved in economic policy today, you’ll have a citizen who can change the world for life”
“If you want to make a change, you got to start with your ideas”
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Dr. Terence TSE speaks for the flip side of this debate. He is Professor of Finance at ESCP Europe.
"Like fire, finance can be a good servant or a very bad master."
"Between land, labour and capital, one thing that is not shrinking or flattening is capital. Its role and significance is tremendously bigger than before."
"Even though overall level of GDP is rising and economic pie is getting bigger and bigger, the middle income class is actually earning less and less. Why is this the case? Because of automation: machines started to take over those jobs that were traditionally held by the middle income class."
"Think about Uber - who actually finances the taxi cars? The car drivers, because they now have to take a loan to buy a car, the financial risk is on them. Where is the financial gain going? - to Uber. "
WikiStage ESCP Europe, Paris campus
“Can you actually say that the financial industry is broken, evil or destructive? Can you say that debt is necessarily a bad thing?”
“Financing is a very important factor for a strategy of growth.”
“I had the opportunity to manage a family business in Mexico. Mexico has a huge problem, because the economy is lacking access to finance sources, so small and medium sized companies do not have access to financing sources. (…) If these companies do not have sufficient financing, most of them will stay small, regional without possibilities to expand.”
“Lack of financing hurts the economy.”
“However, too much debt is also bad for the economy. There are some signs right now that there is a real estate bubble forming up in China which might explode and there is a huge amount of student loans outstanding in the United States.”
“Even today in 2016 banks are still struggling with capital requirements, reduced balance sheets and increased regulatory burden, so they are not lending.”
“Quantitative easing (printing money to buy back debt) has not reached the small and medium sized companies”
“Institutional investors have to put their money somewhere because one day they need to pay for your retirement. Scarcity of bank lending, changing regulation and investors’ need for yield has led to the disintermediation of the finance sector and alternative lenders have been growing and trying to fill this lending gap.”
“True, there have been excesses in finance. There have been false incentives in some cases, there have been bad people. But bad people exist everywhere, in every industry – look at Enron, FIFA or Volkswagen.”
“If all firms have access to financing in different stages of their lifecycle, in different forms and in a measured way – this will lead to more professionalized firms, better reporting structures, more transparency and that will lead to growth and economic prosperity.”
L'économiste français revient sur la dégringolade des marchés et la baisse des prix du pétrole, dont il estime que c'est "une bonne chose, mais à court terme".
ESCP Europe, Paris campus
“Finance is risk and reward – you have to be rewarded for the risk that you take”
“There are two types of finance: the ‘good’ one and the ‘other’ one which I won’t call the bad finance. The good finance is long term oriented, developing links with the real economy, taking risks and getting rewarded for the risks.”
“The ‘other’ type of finance is more linked to financial markets, which is more short term oriented, whih implies trading and a lot of volatility. This type of finance, which I would not call ‘bad’ because it is necessary, has to be highly regulated. ”
“The real economy was not in such a bad shape in 2008 – it was a crisis in financial markets.”
“When you look at the subprime market – it is a virtual economy, it was very difficult to go from the bond you own and the real economy. This has created the crisis.”
“This type of finance has to be highly regulated, in order to cope with volatility.”
“The crisis has generated a different (peer-to-peer) financial market.”
“After 42 years in finance, I believe there is something good in finance, in terms of job creation and infrastructure.”
WikiStage ESCP Europe, Paris campus
"The majority of the middle management fail to adequately take culture and conduct matters into account and offer refer to traditional performance criteria such as revenue profits return on equity."
"Situation has not improved; many central bankers, high executives are claiming that situation has improved, but the result is not there."
"Financial industry plays an important role in allocating capital."
“When bankers tell me how honest they are I have a small doubt.”
“The people on top believe they are very honest themselves, but fail to communicate their ethics to the lower levels.”
“Many of Central Bankers and high executives claim that the situation is improved and that the situation will not be like it was in 2008 but the result is not there.”
"What can we do? The problem is not a few bad apples. In many of the banks we caught, the executives said: Don’t be mistaken, these violations were made by a few very dishonest people, we got rid of them and now everything is straight again. Well, I doubt it. I think the evil is beyond that, beyond individual behavior."
"The purpose of finances is to serve the real economy."
"Securatisation is transfering the risk from the lending bank to the public at large."
"The lobbying by the banks is too powerful in finance. In Finance Watch we have three lobbyists in Brussels, while the banks have 900. And whenever legislation is to be passed in Europe, the bank lobbyists come with a document already prepared and say it is much to difficult for them to understand and that is what they should vote for."
"In France in 2013 the government was lobbied by big banks and in the end the French banking law was really made to destroy what the European project meant to be."
"High frequency trading is how you can buy or sell securities in a fraction of a second. In a second you can have 50, 60 trades. This is of course open only for very large institutions. This is not open to the rest of the people. Then you ask the bankers what is the justification and they tell you it is for liquidity purposes. However, liquidity purposes in fraction of a second, it is not serious."
"I know banking is very important and useful for the society, the question is: are some of the activities like high frequency trading useful for the society or not?"
WikiStage ESCP Europe - Berlin campus.
"When you look at Millennials, many of us don't trust banks anymore."
"Many startups fail to have a proper business model. Also, they are lacking in managerial experience running the business".
"A hedgehog concept is a very strong concept or idea and it means understanding what the company can become best at, instead of being mediocre."
"Technology is an accelerator."
"It's not technology that are driving innovation; digitalization is the people."